Since January 1, landlords have been required to give notice to prospective residential tenants noting whether or not the landlords are aware that the rental dwelling is located in a 100-year floodplain or whether or not the landlords are aware the rental dwelling has flooded at during the past five years.
The new requirement applies to temporary leases used in sales transactions. During its August 8 meeting, TREC approved a new flood disclosure notice form for optional use with the temporary leases, meaning Texas REALTORS® members can use the TREC form or Texas REALTORS® Addendum Regarding Rental Flood Disclosure (TXR 2015). TREC’s corresponding changes to the Seller’s Temporary Residential Lease and the Buyer’s Temporary Residential Lease comply with the legislative change and state the mandated notice has been provided.
As soon as they are published, the new temporary lease forms will be available through Texas REALTORS® forms vendors and on TREC’s website for voluntary use until August 31 and will be mandatory beginning September 1. The flood disclosure notice will be available for voluntary use on TREC’s website.
Texas REALTORS® created the Addendum Regarding Rental Flood Disclosure (TXR 2015) to satisfy the required disclosure, and the form has been available to all members since December. This article covers more information regarding the notice.